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BoE archives reveal little known lesson from the 1974 failure of Herstatt Bank

Ben Norman In June of 1974, a small German bank, Herstatt Bank, failed. While the bank itself was not large, its failure became synonymous with fx settlement risk, and its lessons served as the impetus...

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The cheque republic: money in a modern economy with no banks.

Ben Norman and Peter Zimmerman. What happens when a country’s banking system shuts down?  Just how damaging is it to the economy?  During the 20th century, the Republic of Ireland’s banking system...

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From Berlin to Basel: what can 1930s Germany teach us about banking regulation?

Tobias Neumann. Two of the country’s largest banks collapse.  The subsequent panic brings the banking system to its knees and only a costly government bail-out prevents even greater catastrophe.  A...

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Your country needs funds: The extraordinary story of Britain’s early efforts...

Michael Anson, Norma Cohen, Alastair Owens and Daniel Todman Financing World War I required the UK government to borrow the equivalent of a full year’s GDP.  But its first effort to raise capital in...

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Global real interest rates since 1311: Renaissance roots and rapid reversals

Paul Schmelzing Paul Schmelzing is a visiting scholar at the Bank from Harvard University, where he concentrates on 20th century financial history. In this guest post, he looks at how global real...

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‘As safe as houses’: How a small corner of the US mortgage market nearly...

Johnny Elliot and Benjamin King In August 2007 problems were emerging in the US sub-prime mortgage market. Rising numbers of borrowers were getting behind on their repayments, and some investors...

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‘The world turned upside down’: How the global economy was hit by the crisis

David Young For the global economy, it was the best of times, and then it was the worst of times.  Buoyed by very strong growth in emerging markets, the global economy boomed in the mid-2000s.  On...

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Bitesize: The travels of Montagu Norman

Mike Anson, Georgina Green and Ryan Lovelock Montagu Norman was the Bank of England’s longest serving Governor (1920-44) and one of the leading players on the interwar international financial stage....

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Thinking historically

Austen Saunders Central banks want to learn from history. They can do so by drawing on decades of work by economic historians, as well as their own archives which manifest layers of institutional...

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Challenges to monetary policy: lessons from Medieval Europe

Nathan Sussman The Bank of England co-organised a ‘History and Policy Making Conference‘ in late 2020. This guest post by Nathan Sussman, Professor of International Economics at the Graduate Institute...

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